What is the average price of homes in the Triangle NC? This is a common question that we hear a lot. In this article we will display some key performance indicators on the current state of the market for the entire Triangle area of North Carolina.
|August||Year To Date|
|August 2019||August 2020||+/-(%)||2019||2020||+/-(%)|
|Median Sales Price||$279,000||$304,500||+9.1%||$277,000||$290,000||+4.7%|
|Average Sales Price||$320,029||$351,081||+9.7%||$316,824||$332,230||+4.9%|
|% Of Original List Price Received||97.9%||99.1%||+1.2%||98.1%||98.5%||+0.4%|
|Days On Market||30||24||-20%||31||30||-3.2%|
|Inventory Of Homes||9,226||5,106||-44.7%||—||—||—|
If you have read some of my other article on average home prices they were based on some of the counties within the triangle area. This article is reporting on data for the entrie Triangle region including Wake County, Durham County, and Orange County.
New Listings in the Triangle NC August 2020
The was a decrease in new houses for sale in the Triangle from 4,484 listings in August 2019 to 4,407 in August 2020. This is a -1.7% decrease. Note that this only reflects homes listed on the Triangle MLS and does not include private sales.
Closed Sales in Triangle NC August 2020
Closed sales increased 5% from 3,957 in August 2019 to 4,156 this year!
Median Sales Price Of Houses in the Triangle NC August 2020
Median sales prices are up 9.1% in the Triangle. Homeowners are enjoying solid appreciation across the board. The median sales price was $279,000 last year vs. $304,600 this year.
Median home price in the Triangle rose 4.7% year to date when compared with last year.
Average Sales Price of Houses in the Triangle NC August 2020
The average sales price of houses in the Triangle rose 9.7% from $320,029 to $351,081. If you’re curious about the difference between the average home price and the median home price I have a separate article explaining the difference.
Average home price in the Triangle rose 4.5% year to date vs. last year. The purpose of reporting the year to date numbers is to reflect the monthly changes in data.
Percent of Original List Price Received
The percent of original list price received, meaning there were no changes to the original list price, increased 1.2% from 97.9% to 99.1%. Most sellers are getting what they are asking for on the open market.
This number accounts for changes in listing price, a drop in price for example, and does not include any seller concessions (repair concessions, home warranties, closing costs, etc).
Percent of List Price Received in the Triangle August 2020
We saw a 0.7% increase from 99.0% to 99.7%. The number of one-hundredth percentile accounts for multiple offers that exceed the current listing price.
Days on Market in the Triangle August 2020
We saw a sharp decrease of 20% for days on market. Last year’s average was 30 and has decreased to 24. Year to date declined by 3.2% from 30 to 30. Homes in the Triangle NC are selling more rapidly.
Inventory of Homes for Sale in the Triangle NC
Inventory declined by 44.7% from 9,226 homes for sale in August 2019 to only 5,106 in August 2020.
Months Supply of Inventory in the Triangle NC
All things being equal, a balanced market is considered to be one in which there is a 6 month supply of Inventory. This means that if no other inventory hit the market it would take 6 months to see all the available homes listed for sale–make sense.
The current supply of inventory in Triangle County as of August 2020 is 1.3 months a 51.9% decrease from 2.7 months last year! There is still not enough inventory to satisfy demand. This problem is felt through the Triangle, and not just in Raleigh. This is what is driving prices so aggressively in my opinion.